Business and Finanical News
$69,995.95 for the World's Largest Plasma Television
For additional information or a hardcopy request, please contact Danny Deraney at 323-930-5837 or dderaney@onthescene.com
WHAT:
Panasonic finally has a price tag on beauty. The world's largest plasma TV, the 103-inch Panasonic HD Plasma will now be sold for $69,995.95. This unit will be available for the Christmas holidays and today, Panasonic is breaking the news to consumers on how much having the set in time for the Superbowl will cost.
Although other manufacturers have showcased screens nearly as large, Panasonic is the only manufacturer that has announced that it will make its super-large screen plasma available to consumers in time for this year's Christmas season.
|
The 103-inch big screen delivers more than two million pixels (1,920 x 1,080) of performance and completes a full line of superior Panasonic HD plasma televisions for every room size and viewing environment.
NEWS FOOTAGE
-- Unveiling of the 103" price tag -- Overall shots of full plasma line from 43" to 103" plasma with HD content -- Shots of people by plasma to demonstrate size of display
SOUNDBITES
-- Andy Nelkin, Vice President of Panasonic's Display Group -- Consumers guessing the price and revealing what they would be willing to trade for a TV this size
In developing this record-breaking plasma television, Panasonic had to overcome numerous technical challenges to master a panel larger than 100 inches measured diagonally, while maintaining stable discharge and high picture quality across the entire surface of the panel. The company that first pioneered plasma, overcame this hurdle by developing a new rib* and phosphor for these super large panels. The 103-inch 1080p plasma panel, equivalent to four 50-inch panels in size, features consistent and uniform discharge, delivering the same accurate images from the center to every corner of the screen and brightness as the current 50-inch HD model (TH-50PX500). The panel incorporates Panasonic's 1080p HD high-speed pixel drive.
Source of Video Content: Panasonic Consumer Electronics Company
The WM Group's Northwest 50(R) Stock Index Closed at 9394.55 for the Week Ending Friday, July 21, 2006, Up 17.26 Points or 0.18 Percent for the Week
The six industry groups that make up the Northwest 50 Index closed at:
Retail/Wholesale Trade, 2724.48, up 0.29%; Technology/Manufacturing/Construction, 3069.35, up 0.82%; Transportation/Transportation Equipment, 1088.57, down 4.24%; Natural Resources, 670.89, down 3.36%; Finance/Insurance, 1293.56, up 3.58%; Utilities, 547.70, up 2.06%.
Of the 50 stocks in the Index, 24 were up for the week, while 26 declined.
Closing values during the week were:
Monday, Jul. 17: 9,393.31 Tuesday, Jul. 18: 9,371.42 Wednesday, Jul. 19: 9,612.64 Thursday, Jul. 20: 9,452.78 Friday, Jul. 21: 9,394.55
Gainers included:
Longview Fibre, up 1.86 at 20.76 Microsoft, up 1.58 at 23.87 Icos Corporation, up 1.24 at 21.44
Decliners included:
Stillwater Mining Co., down 1.35 at 10.18 Expeditors Int'l, down 5.35 at 45.30 Coeur d'Alene Mines, down 0.47 at 4.41
Oak Valley Community Bank to Pay Cash Dividend
-- Oak Valley Community Bank, traded as OVYB on the bulletin board (OTCBB: OVYB), declares a cash dividend. The Board of Directors of Oak Valley Community Bank, at their regular meeting on July 18, 2006, declared the payment of a cash dividend of nineteen cents per share to shareholders of record at the close of business on August 4, 2006. The payout marks the 11th consecutive year the Bank has paid a cash dividend and represents a 16% increase in total cash paid over the previous year. The dividend is payable on August 18, 2006.
"Despite continued pressure on interest rates and expenses associated with the addition of four branches in the past year, we are very pleased to have the ability and capacity to make this dividend disbursement to our loyal shareholders," stated Ron Martin, CEO.
Established in 1991, Oak Valley Community Bank offers a variety of loan and deposit products dedicated to serving the needs of individuals and small businesses. The Bank currently operates through 12 conveniently located branches: Oakdale, Sonora, Turlock, Stockton, Patterson, Ripon, Escalon, two branches in Modesto, and three branches in their Eastern Sierra Division, which includes Bridgeport, Mammoth Lakes and Bishop.
First Bancorp of Indiana, Inc. Announces Financial Results
-- First Bancorp of Indiana, Inc., (NASDAQ: FBEI), the holding company for First Federal Savings Bank (the "Bank"), reported net earnings of $182,000 for the quarter ended June 30, 2006, compared to $376,000 for the same quarter last year. For the fiscal year ended June 30, 2006, net income was $1.34 million versus $1.53 million in fiscal 2005. A flattening of the yield curve over the course of this past fiscal year and the resulting narrower interest rate spread was responsible for the lower earnings. Improved fee revenue and a gain from the sale of a branch banking facility partially offset the decreased net interest income.
|
Earnings for the year ended June 30, 2006, represented $0.87 per average outstanding share (diluted) compared to $0.98 the preceding fiscal year. The company repurchased 75,909 shares of common stock during the twelve months ended June 30, 2006, and 33,028 option shares were exercised. These transactions resulted in 1,554,768 shares outstanding at June 30, 2006. The company's board of directors authorized the payment of dividends totaling 60 cents per share during the year ended June 30, 2006, a slight increase from the 59 cents per share paid in fiscal 2005.
Certain information in this press release may constitute forward-looking information that involves risks and uncertainties that could cause actual results to differ materially from those estimated. Persons are cautioned that such forward-looking statements are not guarantees of future performance and are subject to various factors that could cause actual results to differ materially from those estimated. Undue reliance should not be placed on such forward-looking statements.
First Bancorp of Indiana, Inc. Consolidated Financial Highlights (in thousands) 6/30/2006 6/30/2005 =========== =========== Selected Balance Sheet Data: (unaudited) Total assets 294,551 277,368 Investment securities 34,076 13,821 Mortgage-backed securities 36,645 51,498 Loans receivable, net 186,752 154,546 Deposit accounts 189,341 195,733 Short-term borrowings 0 0 Long-term debt 73,000 45,000 Equity capital 28,206 29,921 Twelve months ended June 30, 2006 2005 =========== =========== Selected Operating Data: (unaudited) Interest income 14,228 13,700 Interest expense 7,647 6,003 ----------- ----------- Net interest income 6,581 7,697 Provision for loan losses 362 106 ----------- ----------- Net interest income after provision 6,219 7,591 Noninterest income 2,652 1,424 Noninterest expense 6,910 6,586 ----------- ----------- Income before income taxes and cumulative effect of a change in accounting principle 1,961 2,429 Income taxes 621 897 ----------- ----------- Net income 1,340 1,532 =========== =========== At or for the year ended June 30, Selected Financial Ratios: 2006 2005 =========== =========== Performance Ratios: (unaudited) Return on average assets 0.48% 0.55% Return on average equity 4.62% 5.19% Basic earnings per share 0.90 1.02 Diluted earnings per share 0.87 0.98 Interest rate spread 2.49% 2.84% Net interest margin 2.57% 2.97% Other expenses as a % of average total assets 2.45% 2.37% Asset Quality Ratios: Nonperforming loans as a % of total loans 0.40% 0.27% Nonperforming assets as a % of total assets 0.28% 0.17% Allowance for loan losses as a % of total loans 0.45% 0.55% Allowance for loan losses as a % of nonperforming loans 110.44% 204.06%
Croff Reports Sale of Dewitt County, TX Assets
Croff Enterprises Inc. ("COFF") announced today that it had sold its significant assets in Dewitt County, Texas to Pool Natural Resources Corporation of Austin, Texas. Pool Natural Resources purchased Croff's leases for the price of $255,000. These assets are as follows:
1. The Eyhorn lease which includes a 20% working interest in the Edwards (Dixel) Gips well and Croff's Interest in the Oscar Gips Well 2. The Panther Pipeline, approximately 7.2 miles of natural gas pipeline, which Croff recently acquired from Panther Pipeline Ltd. of Houston, Texas
The assets sold belonged to the common shareholders of the Company. Jerry Jensen, President of Croff, explained that the other oil and natural gas assets of Croff are held by the Preferred B Shares. The Company had originally started a drilling re-entry program in Dewitt County, Texas, in 2004 which was not part of the Preferred Share's oil and gas assets. The Company then entered into a joint venture to develop these re-entry wells with Tempest Energy Resources, LP, a Texas Limited Partnership with offices in Dallas, Texas. Tempest, after the plugging of the first re-entry well, withdrew from the balance of the acreage. Croff then determined it would sell these assets.
Pool intends to re-enter or drill additional wells to the Wilcox formation on the acquired leases. Croff retains a working interest in three smaller wells in Dewitt County, Texas, which Pool declined to purchase. Jensen said the sale is consistent with the strategic alternatives the Company has been pursuing.
Croff is an independent energy company engaged in the business of oil and natural gas production, primarily through ownership of perpetual mineral interests and acquisition of producing oil and natural gas leases. The Company's principal activity is oil and natural gas production from non-operated properties. The Company acquires, owns and produces producing and non-producing leases and perpetual mineral interests in Alabama, Colorado, Michigan, Montana, New Mexico, North Dakota, Oklahoma, Texas, Utah and Wyoming.
This news release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
Town Center Bancorp Announces Earnings Growth of 114%
Town Center Bancorp (OTCBB: TWBC), parent company of Town Center Bank, reports continued growth in all areas of the Bank. Total assets of the Bank grew over 14% from $109.8 million in June 2005 to $125.6 million as of June 2006. Strong growth continues in the Bank's loan portfolio with total loans increasing from $90.8 million to $106.6 million as of June 2006. Total deposits and retail repurchase agreements increased over 22% from $83.2 million to $102.1 million.
Net income for the second quarter totaled $514,242 of $0.49 per diluted share compared to $221,552, or $0.25 per diluted share in the second quarter 2005. Bruce Bryant, Town Center Bancorp's President and CEO, stated the sharp increase in earnings during the quarter are the result of continued balance sheet growth and excellent performance in the loan portfolio. Earnings for the six-month period ending June 2006 totaled $964,680, an increase of approximately 114% over the same period in 2005.
Town Center Bank is the primary operating entity of Town Center Bancorp, a community-owned financial services holding company. The Bank was established in 1997, and the holding company was formed in April 2002. Town Center Bancorp operates with a local board of directors, and the Bank is a member of the Federal Deposit Insurance Corporation. Headquartered at 82nd & King Road in Portland, Town Center Bank primarily serves individuals, professionals and small business clients throughout the Portland Metropolitan and North Clackamas County areas. The Bank operates five branch offices in the North Clackamas and Northeast Portland area and a mortgage loan office, Town Center Mortgage, in northeast Portland.
2nd Quarter 2nd Quarter 2006 2005 Total Assets $125,585,558 $109,818,102 Total Loans $106,610,620 $ 90,773,343 Total Deposits and Retail Repurchase Agreements $102,169,487 $ 83,221,189 Net Income / Quarter $ 514,242 $ 221,552 Earnings Per Share - Basic / Quarter $ 0.51 $ 0.26 Earnings Per Share - Diluted / Quarter $ 0.49 $ 0.25 Net Income / Six Months $ 964,680 $ 451,172 Earnings Per Share - Basic / Six Months $ 0.97 $ 0.52 Earnings Per Share - Diluted / Six Months $ 0.93 $ 0.49
TOWN CENTER BANCORP CONSOLIDATED BALANCE SHEETS June 30, ---------------------------- ASSETS 2006 2005 ------------- ------------- Cash and due from banks $ 2,108,502 $ 1,576,350 Federal funds sold 500,000 - Investment securities available-for-sale 9,347,342 8,037,940 Federal Home Loan Bank stock, at cost 603,100 603,100 Mortgage loans held-for-sale 1,287,700 3,905,410 Loans, net of allowance for loan losses and unearned income 106,610,620 90,773,343 Premises and equipment, net of accumulated depreciation 1,447,944 1,602,863 Bank-owned life insurance 2,223,932 2,146,721 Accrued interest receivable and other assets 1,456,418 1,172,375 ------------- ------------- Total Assets $ 125,585,558 $ 109,818,102 ============= ============= LIABILITIES AND STOCKHOLDERS' EQUITY Demand deposits $ 12,948,558 $ 10,285,801 NOW and money market accounts 17,400,141 13,511,740 Savings deposits 1,583,608 1,069,304 Time deposits 65,671,254 56,232,481 ------------- ------------- Total Deposits 97,603,561 81,099,326 Repurchase agreements 4,565,926 2,121,863 Federal funds purchased 4,000,000 9,900,000 Federal Home Loan Bank borrowings 4,000,000 5,000,000 Junior subordinated debentures 3,093,000 3,093,000 Accrued expenses and other liabilities 757,864 676,582 ------------- ------------- Total Liabilities 114,020,351 101,890,771 Stockholders' equity : Common stock, $5 par value, 5,000,000 shares authorized, 1,006,922 and 873,706 shares issued and outstanding at June 30, 2006 and 2005, respectively 5,034,610 3,971,390 Additional paid-in capital 3,966,193 2,470,914 Retained earnings 2,807,404 1,489,364 Accumulated other comprehensive income, net of taxes (243,000) (4,337) ------------- ------------- Total Stockholders' Equity 11,565,207 7,927,331 ------------- ------------- Total Liabilities and Stockholders' Equity $ 125,585,558 $ 109,818,102 ============= ============= TOWN CENTER BANCORP CONSOLIDATED STATEMENTS OF INCOME FOR THE SIX MONTHS ENDING JUNE 30, ----------------------- 2006 2005 ----------- ----------- INTEREST INCOME Interest and fees on loans $ 4,660,795 $ 3,249,041 Investment securities available-for-sale 206,069 184,075 Other interest and dividend income 39,000 11,379 ----------- ----------- Total interest income 4,905,864 3,444,495 INTEREST EXPENSE Interest-bearing deposits and savings accounts 204,018 106,720 Time deposit accounts 1,209,774 743,861 Other borrowings 295,600 232,344 ----------- ----------- Total interest expense 1,709,392 1,082,925 Net interest income 3,196,472 2,361,570 PROVISION FOR LOAN LOSSES 200,000 225,000 ----------- ----------- Net interest income after provision for loan losses 2,996,472 2,136,570 NONINTEREST INCOME Mortgage brokerage revenues 197,252 636,931 Service charges and fees 93,479 63,326 Other income 111,613 83,771 ----------- ----------- Total noninterest income 402,344 784,028 NONINTEREST EXPENSE Salaries and employee benefits 1,066,779 1,409,007 Occupancy and equipment 255,465 287,157 Data processing 105,614 111,811 Supplies, postage, and telephone 85,664 89,463 Professional fees 90,665 68,614 Advertising and promotional 53,733 34,335 Other 207,416 189,139 ----------- ----------- Total noninterest expense 1,865,336 2,189,526 INCOME BEFORE PROVISION FOR INCOME TAXES 1,533,480 731,072 PROVISION FOR INCOME TAXES 568,800 279,900 ----------- ----------- NET INCOME $ 964,680 $ 451,172 =========== =========== EARNINGS PER SHARE BASIC $ 0.97 $ 0.52 =========== =========== DILUTED $ 0.93 $ 0.49 =========== =========== Note: The financial information provided herein is in summary form only and is not intended to be a full and complete disclosure. Information reflects the results of Town Center Bancorp, a holding company formed in April 2002. The majority of activity in the holding company occurred within Town Center Bank, a wholly owned subsidiary.
Cleco Corporation Declares Regular Common and Preferred Dividends
The Board of Directors of Cleco Corporation (NYSE: CNL) today declared regular quarterly dividends on the Company's common stock and preferred stock. Following is a summary of dividend payments, as declared:
Class of Stock Dividend Record Payment Declared Date Date Common Stock $0.225 July 31, 2006 August 15, 2006 4.5% Preferred Stock $1.125 August 15, 2006 September 1, 2006
Dividends were also declared on preferred stock held in the Company's Employee Stock Ownership Plan.
The Company has a dividend reinvestment plan which allows dividends on its common and preferred stock to be reinvested in additional shares of common stock at market price. Brokerage commissions and administrative fees are incurred on dividend purchases.
Cleco Corp. is a regional energy company headquartered in Pineville, La. It operates a regulated electric utility company that serves about 267,000 customers across Louisiana. Cleco also operates a wholesale energy business with approximately 1,350 megawatts of generating capacity. For more information about Cleco, visit www.cleco.com.
BellSouth Shareholders Vote Overwhelmingly to Approve Merger Agreement With AT&T
BellSouth Announces Preliminary Voting Results from Special Meeting of Shareholders
Shareholders of BellSouth Corporation (NYSE:BLS) have overwhelmingly voted to approve a merger agreement with AT&T (NYSE:T) , the company reported at the conclusion of the special shareholder meeting today. BellSouth reported that approximately 97 percent of the shares that were voted approved the merger. This represents 1.22 billion - or more than 67 percent - of the company's outstanding shares. Approval of the merger agreement required a positive vote of a majority of the outstanding shares.
The proposed transaction will create a company that will be a more effective and efficient provider of wireless, broadband, video, voice, data and directory services. The merger will also place control of Cingular Wireless under one company.
"Today's affirmative shareholder vote is a significant step in the merger approval process and demonstrates the value of the combination of AT&T and BellSouth," said BellSouth Chairman and CEO Duane Ackerman. "This merger will set the standard for communications in the 21st century. BellSouth's customers will benefit from a shared vision of exceptional customer service and product innovation."
Ackerman stated that the company has made substantial progress toward completion of the regulatory approvals and that the merger is expected to close in the fall. Upon closing, BellSouth will be a direct wholly owned subsidiary of AT&T.
Under the terms of the agreement, BellSouth's shareholders will receive 1.325 AT&T shares for each BellSouth share that they hold. This exchange ratio represents a 17.9 percent premium based on AT&T and BellSouth's stock prices on March 3, 2006, the last trading day before the merger announcement. Shareholders will also benefit from ongoing ownership of 38 percent of the combined company and will be able to participate in the significant synergies this merger will generate.
About BellSouth Corporation
BellSouth Corporation is a Fortune 500 communications company headquartered in Atlanta, Georgia. BellSouth has joint control and 40 percent ownership of Cingular Wireless, the nation's largest wireless voice and data provider with 57.3 million customers.
Backed by award-winning customer service, BellSouth offers the most comprehensive and innovative package of voice and data services available in the market. Through BellSouth Answers(R), residential and small business customers can bundle their local and long distance service with dial-up and high-speed DSL Internet access, satellite television and Cingular(R) Wireless service. For businesses, BellSouth provides secure, reliable local and long distance voice and data networking solutions. BellSouth also offers print and online directory advertising through The Real Yellow Pages(R) and YELLOWPAGES.COM(TM) from BellSouth. BellSouth believes that diversity and fostering an inclusive environment are critical in maintaining a competitive advantage in today's global marketplace. More information about BellSouth can be found at http://www.bellsouth.com/.
Safe Harbor
In addition to historical information, today's presentation may contain forward-looking statements regarding events and financial trends. Factors that could prevent or delay completion of the proposed merger with AT&T, could affect the future results of the merged company and could cause the merged company's actual results to differ from those expressed in the forward-looking statements include: (i) our and AT&T's ability to obtain governmental approvals of the proposed merger on the proposed terms and contemplated schedule; (ii) the failure of AT&T shareholders to approve the issuance of AT&T common shares in the merger or the failure of our shareholders to approve the merger; (iii) the risk that the businesses of AT&T and BellSouth will not be integrated successfully or as quickly as expected; (iv) the risk that the cost savings and any other synergies from the merger, including any savings and other synergies relating to the resulting sole ownership of Cingular Wireless LLC, may not be fully realized or may take longer to realize than expected; (v) disruption from the merger making it more difficult to maintain relationships with customers, employees or suppliers; and (vi) those factors contained in the proxy statement relating to the proposed merger filed with the SEC.
Source: BellSouth Corporation
Biopsy Study Shows Combination of Long-Acting Beta2-Agonist and Low Steroid Dose in Advair Diskus(R) 100/50mcg Maintains Control of Airway Inflammation
Study Supports National Institute of Health Guidelines for the Diagnosis and Management of Asthma
-- The largest biopsy study conducted to date demonstrates that a lower dose of an inhaled corticosteroid (ICS) with the addition of a long acting beta2-agonist (LABA) is as effective in maintaining control of airway inflammation as a medium-dose ICS alone in patients with moderate asthma. The study, published in the July issue of the Journal of Allergy and Clinical Immunology (JACI), compared Advair Diskus (fluticasone propionate and salmeterol) 100/50 mcg with fluticasone propionate (FP) 250 mcg over a 24-week treatment period in patients requiring a medium-dose ICS.
"It is important that physicians review the ICS dose used with their asthma patients on a regular basis, and reduce the dose to the minimum that will effectively control the disease," said lead study investigator Dr. Nizar N. Jarjour, Professor and Head Section of Allergy, Pulmonary and Critical Care, Department of Medicine at the University of Wisconsin in Madison. "These findings reinforce an earlier study which shows that adding a LABA to a lower dose ICS is an effective treatment option for maintaining control of asthma."
The study findings are consistent with current National Institute of Health (NIH) Guidelines for the Diagnosis and Management of Asthma recommendations on the use of an ICS and a LABA as the preferred therapy for patients with moderate to severe persistent asthma. While the anti-inflammatory effects of ICS are well-established, long-term use at high doses has been associated with some side effects. This study may provide physicians with new insight to help evaluate long-term treatment of patients with moderate persistent asthma.
About the Study
The randomized, double-blind, parallel-group study was conducted in 88 patients 18 years of age or older with asthma and was designed to evaluate whether clinical asthma control and airway inflammation could be maintained after switching therapy from medium-dose FP to a combination of low-dose FP and salmeterol.
During the trial screening phase, patients with stable symptoms on a medium dose of ICS (220 mcg of FP twice daily or equivalent) demonstrated deteriorating asthma control after being stepped-down to 100 mcg of FP twice daily. Treatment was then increased to 250 mcg of FP twice daily for four weeks, and patients had to re-establish asthma control (based upon pre-defined criteria) to be included in the treatment phase of the study.
Patients included in the trial were randomized to therapy with an ICS alone (FP 250 mcg) or an ICS plus a LABA (Advair 100/50 mcg) twice daily and evaluated for 24 weeks of treatment. Bronchial biopsies and bronchoalveolar lavage (BAL) were performed prior to randomization and after the 24 week treatment period. Clinical control of asthma and airway inflammation measures did not differ between the two treatment groups. Additionally the study provides direct evidence that reduction of an ICS when done in conjunction with the introduction of a LABA does not lead to worsening airway inflammation.
Both treatments were well-tolerated, and the incidence of common adverse events was similar in the two treatment groups. Reported adverse events related to the study occurred in 6 (15 percent) and 8 (17 percent) subjects treated with Advair 100/50 mcg and 250 mcg of FP, respectively. No adverse events occurred in more than one patient in each treatment group and included oral candidiasis, palpitation and headache. There were no serious drug-related adverse events during the treatment period.
Important Information About Advair Diskus
Advair Diskus is approved for the maintenance treatment of asthma in patients 4 years of age and older. Because LABAs may increase the risk of asthma-related death, Advair is for patients not adequately controlled on other asthma-controller medications (e.g., low- to medium-dose inhaled corticosteroids) or whose disease severity clearly warrants treatment with two maintenance therapies. Advair is not approved for patients whose asthma can be managed with an ICS along with occasional use of short-acting beta-agonists. Advair Diskus is not indicated for the relief of acute bronchospasm.
People should speak to their doctor about the risks and benefits of treating their asthma with Advair. People taking Advair should see their doctor if their asthma does not improve. People should tell their doctor if they have a heart condition or high blood pressure. Some people may experience increased blood pressure, heart rate, or changes in heart rhythm. Advair is for patients 4 years and older. For patients 4 to 11 years old, Advair 100/50 is for those who have asthma symptoms while on an inhaled corticosteroid.
About Asthma
For many of the more than 20 million Americans with asthma, undertreatment of the disease can lead to frequent symptoms and attacks, activity limitation, and a decline in lung function. Research has established that the two main components of asthma are inflammation, or swelling inside the airways, and constriction, or tightening of the muscles that surround the airways. Both of these components play crucial roles in causing asthma symptoms such as shortness of breath, wheezing, chest tightness and cough. Optimal therapy for many patients with persistent moderate to severe asthma requires treatment of both of these components.
Each year, asthma causes nearly two million emergency room visits and more than 5,000 deaths. Additionally, nearly $16 billion in direct healthcare costs and indirect costs, such as lost workdays and productivity, are due to asthma.
About GlaxoSmithKline
GlaxoSmithKline, one of the world's leading research-based pharmaceutical and health care companies, is committed to improving the quality of human life by enabling people to do more, feel better and live longer.
Contact Patty Johnson 919-483-2839 or visit www.gsk.com for full prescribing information and medication guide
La Petite Academy Announces Intent to Explore Refinancing of Debt With First and Second Lien Credit Facilities
La Petite Academy, Inc. and LPA Holding Corp. (together "La Petite"), which recently announced their intent to explore alternatives for refinancing their senior credit facility and 10% Senior Notes due 2008, today announced their intention to refinance such debt through a $20.0 million senior secured revolving credit facility maturing in August 2011, a $110.0 million senior secured first lien term loan facility maturing in August 2012, and a $85.0 million senior secured second lien term loan facility maturing in February 2013.
The 10% Senior Notes are currently redeemable at the option of La Petite, in whole or in part. This announcement is not an offer to purchase, a solicitation of an offer to purchase, a solicitation of any consent or a notice of redemption with respect to the 10% Senior Notes.
La Petite has not made any definite decision regarding the final terms of any refinancing, or whether to proceed with a refinancing. There can be no assurances that a refinancing will be consummated.
FORWARD-LOOKING STATEMENTS -- This press release contains, or may contain, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, without limitation, statements regarding our future growth and profitability, growth strategy and trends in the industry in which we operate. These forward-looking statements are based on our current expectations and are subject to a number of risks, uncertainties and assumptions. We can give no assurance that such forward-looking statements will prove to be correct. Among the important factors that could cause actual results to differ significantly from those expressed or implied by such forward-looking statements are changes in economic, operational, demand or competitive factors, governmental actions and the additional factors and risks contained in La Petite's Annual Report on Form 10-K for the year ended July 2, 2005 filed with the SEC on September 30, 2005.
ABOUT LA PETITE ACADEMY -- La Petite Academy is one of the leading for-profit preschool providers in the United States based on the number of schools operated. La Petite Academy provides center-based educational services and childcare to children between the ages of six weeks and 12 years. La Petite Academy also operates Montessori schools that employ the Montessori method of teaching, a classical approach that features the programming of tasks with materials presented in a sequence dictated by each child's capabilities. For additional information, visit www.lapetite.com.
Southern Community Financial Corporation Sets Date and Time for Announcement of Second Quarter 2006 Results
Southern Community Financial Corporation (NASDAQ: SCMF) ) (NASDAQ: SCMFO) announced today that it will report financial results before the market opens on Wednesday, July 26, 2006.
F. Scott Bauer, Chairman and Chief Executive Officer of Southern Community Financial Corporation, along with members of the Southern Community executive team, will provide an overview of the second quarter performance and business highlights in a conference call to be held at 10:00 AM, E.T. Wednesday, July 26. The event will be archived on the Southern Community website, www.smallenoughtocare.com, for 30 days. The participant toll free number is 866-406-5408, conference ID# 7650842.
About the Company:
Southern Community Financial Corporation is headquartered in Winston-Salem, North Carolina and is the holding company of Southern Community Bank and Trust, a community bank, with twenty banking offices throughout the Piedmont region of North Carolina.
Southern Community Financial Corporation’s common stock and trust preferred securities are listed on the NASDAQ Global Select Market under the trading symbols SCMF and SCMFO, respectively. Additional information about Southern Community is available on its website at www.smallenoughtocare.com or by email at investor.relations@smallenoughtocare.com.
This news release contains forward-looking statements. Such statements are subject to certain factors that may cause the Company’s results to vary from those expected. These factors include changing economic and financial market conditions, competition, ability to execute our business plan, items already mentioned in this press release, and other factors described in our filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management’s judgment only as of the date hereof. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events and circumstances that arise after the date hereof.
DC Brands International Request Shareholders Read Update Online
-- At the close of business Thursday, DC Brands International, Inc. (PINKSHEETS: DCBI) announced they have some news for their shareholders which is available only under the secured portion of the investor section of their website. Management invites all shareholders to access this site and read this information immediately at DickensEnergyCider.com.
DC Brands International, Inc. markets its Dickens Energy Cider through a growing network of distributors nationwide. They intend for this new entry to the energy drink market to become a direct competitor to the market leaders Red Bull®, Monster®, and Rockstar®. However, they differentiate their drink with an additional ingredient, Horny Goat Weed, which adds a unique flavor that has won mouths over across the nation. As stated in previous press releases, DC Brands is also in the process of releasing their new "bag-in-the-box" and their alcohol versions of the product. (Please refer to those previous releases for more information.) The company's headquarters is located at 9500 W. 49th Ave Wheat Ridge, CO 80033. For more information on the company, visit their web site at DickensEnergyCider.com Primary Contact: Keith Howard 303-279-3800.
Note: Except for the historical information contained herein, this news release contains forward-looking statements that involve substantial risks and uncertainties. Among the factors that could cause actual results or timelines to differ materially are risks associated with research and clinical development, regulatory approvals, supply capabilities and reliance on third-party manufacturers, product commercialization, competition, litigation, and the other risk factors listed from time to time in reports filed by DC Brands International with the Securities and Exchange Commission, including but not limited to risks described under the caption "Important Factors That May Affect Our Business, Our Results of Operation and Our Stock Price." The forward-looking statements contained in this news release represent judgments of the management of DC Brands International as of the date of this release. DC Brands International and its managers and agents undertake no obligation to publicly update any forward-looking statements.
Agronix, Inc. -- Name Change and Reverse Stock Split
Agronix, Inc. (OTCBB: AGNI) announced today that effective Friday, July 21, 2006 the Company will change its name to "China Yingxia International, Inc." and begin trading under its new symbol (OTCBB: CYXI). In addition, the Company announced a 1:24.9 reverse split of its outstanding common shares, which will become effective on the same date. Both actions were approved by the Board of Directors and the majority shareholders of the Company, and disclosed in the Company's information statement previously mailed to the shareholders.
Shareholders may, at their own expense, exchange their current stock certificates for newly issued certificates reflecting the name change, new CUSIP number and the post-split adjusted number of shares, but are not required or obligated to do so. The Company's transfer agent is Pacwest Transfer. Attn: Exchange Dept., 360 Main Street, 2nd Floor, PO Box 393, Washington VA 22747.
China Yingxia International, Inc., through its 100%-owned subsidiary, Harbin Yingxia Industrial Group Co., Ltd. ("Yingxia"), is primarily engaged in the development, production and sales of health food products in China. Yingxia is located in the Province of Heilongjiang in mainland China, and it currently has over 180 employees and 3 agricultural production bases. Yingxia's products include fresh cactus and cactus dry power, organic soybean, and Longgu golden rice. Yingxia is currently implementing an aggressive expansion plan which includes the construction of a new production facility of 16,300 square meters. For the year ending 12/31/2005 the Company achieved $6.1 million in sales with a net income of $1.8 million, with $13.3 million in net assets.
This news release contains forward-looking statements and may involve risks, uncertainties and other factors that may cause the Company's actual results to be materially different from any future results or performance suggested by the forward-looking statements in this release. These risks and uncertainties include, without limitation, risks that future acquisitions may be unsuccessful, risks related to potential changes in the PRC government's policies and laws, risks related to possible currency exchange rate fluctuations and structural changes in the market for the Company's current product(s). We undertake no obligation to revise or update publicly any forward-looking statements.
